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Category Archives: Isle of Capri
Case Bets: Isle exits U.K.; no room at the Trop; Carlino channels Astaire, etc.
Isle of Capri Casinos is coming up for air, literally extricating itself from underneath Ricoh Stadium in Coventry, U.K. As part of CEO James Perry‘s attempt to refocus a company that spread itself too thin under his predecessor, he’s walking … Continue reading
Posted in Atlantic City, California, Colony Capital, Columbia Sussex, Current, Detroit, Economy, Florida, Goldman Sachs, Illinois, International, Isle of Capri, MGM Mirage, Penn National, Regulation, The Strip, Tropicana Entertainment, Wall Street
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This is your industry on crack
Finally, someone (in this case, Liz Benston) has written the definitive user-friendly analysis of how the casino industry crashed and burned. To try and quote the salient points would require little short of reprinting the entire article (to say nothing … Continue reading
Posted in Boyd Gaming, Colony Capital, Downtown, Economy, Harrah's, Herbst Gaming, Isle of Capri, Louisiana, MGM Mirage, Missouri, Station Casinos, The Strip, Wall Street
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Missouri: Dough and "D'oh!"
Silly me. I had the Missouri numbers sitting in my "Inbox" all day yesterday and simply overlooked them amidst a typically frenetic day. A big "thank you" though to reader Bob Bradley, who provided the short and long versions (click … Continue reading
Posted in Ameristar, Harrah's, Isle of Capri, Missouri, Penn National, Pinnacle Entertainment, Wall Street
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Colorado casinos: Four votes, four wins
After a statewide vote approved 'round-the-clock operation at Colorado's non-tribal casinos (along with a 20X increase in betting limits and a wider repertory of games), the measure wasn't home and dry. It had to be voted through in Cripple Creek, … Continue reading
Posted in Ameristar, Colorado, Election, Isle of Capri, Penn National, Regulation, Riviera
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Buyback at Isle
As reader Bill Jones pointed out, Isle of Capri is making a first-come, first-served offer to retire 28% of senior debt at 55 cents on the dollar. (Official version here.) Wall Street wasn't impressed, with Isle stock -16% as of … Continue reading
Posted in Ameristar, Isle of Capri, Riviera
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Pinnacle's Bahamas debacle
It wasn’t so long ago that Pinnacle Entertainment was the fair-haired boy of the casino industry, especially after it hit a home run in the Lake Charles, La., market with tony L’Auberge du Lac. Then it nearly followed Columbia Sussex … Continue reading
Posted in Atlantic City, Columbia Sussex, Harrah's, International, Isle of Capri, James Packer, Pinnacle Entertainment, Planet Hollywood, The Strip, TV
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Isle of Capri Biloxi previewed
Ironically, now that Isle of Capri has put its Biloxi plans on hold, we finally get a look at what the revamped Isle (minus the “of Capri” and the parrot) would look like. It’s not beauty-contest winner but, if it … Continue reading
Posted in Architecture, Isle of Capri, Mississippi, Wall Street
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Case Bets: Stanley Ho in Vegas?, HRH grows but Morgans shrinks
A local columnist raises the spectre of Stanley Ho getting back-door access into Las Vegas via James Packer‘s acquisition of Cannery Resorts. This isn’t the first time I’ve heard this question raised and, call me complacent, but I believe it … Continue reading
Posted in Boyd Gaming, Cannery Casino Resorts, Colony Capital, Columbia Sussex, Cosmopolitan, Economy, Harrah's, Herbst Gaming, Isle of Capri, James Packer, Macau, MGM Mirage, Morgans Hotel Group, Stanley Ho, Station Casinos, The Strip, Tropicana Entertainment, Wall Street
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Case Bets: Ho Tram, Shuffle(d) Master, Ameristar
Tout le monde may be at G2E (albeit 10% less le monde than last year, I’m told) but the big news is happening elsewhere. MGM Mirage has emerged as the “angel” for the Ho Tram Strip in Vietnam. It’s a … Continue reading
Posted in Ameristar, Current, Economy, Harrah's, International, Isle of Capri, MGM Mirage, Missouri, Pinnacle Entertainment, Shuffle Master
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Gaming bosses step up
While some casino companies we won’t name (coughBoyd Gamingcough) are responding this week to the bad economy with downsizing their workforce, others are setting a nobler example. Executives at both Isle of Capri Casinos and Trump Entertainment Resorts are literally … Continue reading
Posted in Atlantic City, Boyd Gaming, Isle of Capri, MGM Mirage, Sheldon Adelson, TV
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From bad to worse
British Reuters lays out a dire scenario for casino bonds, the second-most-distressed sector of the junk-bond market (only media firms are doing worse). "We believe it probably hasn't hit its bottom," is the grave verdict of Moody's Investors Service analyst … Continue reading
Posted in Columbia Sussex, Donald Trump, Harrah's, Isle of Capri, Morgans Hotel Group, Sheldon Adelson, Station Casinos, The Strip, Wall Street
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Isle reduces risk in Florida
As we’re seeing, it’s not always a bad idea to scrap or delay an expansion. Such is the case with Isle of Capri‘s decision to allow the expiration of an agreement with Florida Gaming Corp. to turn Miami Jai-Alai into … Continue reading
Posted in Boyd Gaming, Florida, Isle of Capri, Kansas, Tribal
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Gold Coast buffet
Our ongoing buffet crawl took us to the Gold Coast last night. After applying a Pocketbook of Values coupon, it came out to $11.80 for two people, which definitely counts as a bargain play, provided you manage your expectations somewhat. … Continue reading
Posted in Boyd Gaming, Harrah's, Isle of Capri, Mississippi, Wall Street
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The Ameristar war begins
Just a quick hit on my way out the door to spend an evening prepping for The Dark Knight by watching Batman Begins … Ameristar's in play. No news flash there and, for the life of me, I can't figure … Continue reading
Posted in Ameristar, Boyd Gaming, Columbia Sussex, Harrah's, Illinois, Indiana, Isle of Capri, James Packer, MGM Mirage, Penn National, Pennsylvania, Pinnacle Entertainment, The Strip, Wall Street
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Denial in the suites
Gary Loveman must be working on his stand-up act. In today’s Wall Street Journal, he calls the present economic pickle “the toughest environment we’ve faced.” It might not be quite so difficult had Loveman not steered Harrah’s Entertainment (and its … Continue reading
Posted in Columbia Sussex, Harrah's, Isle of Capri, Penn National, Station Casinos, Wall Street
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Trop Trojan Horse barred from gates
Much to the dismay of senior debtholders, perhaps, a Delaware bankruptcy judge OK'd $67 million in additional borrowing by Tropicana Entertainment, money the company says it needs for operational expenses. However, the court backhanded an even bigger loan offer from … Continue reading
Posted in Columbia Sussex, Harrah's, Isle of Capri
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Isle: Goldstein out, Perry in; Trump pummeled
Isle of Capri Casinos announced widening Y/Y losses today, along with the retirement of CEO Bernard Goldstein after 16 years at the helm. He gives way to board member James Perry, former CEO of Argosy Gaming and (briefly) Trump Entertainment. … Continue reading